China auto sales rise 7.9 percent in May as electrics surge

phys.org | 6/12/2018 | Staff
TimHyuga (Posted by) Level 3
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China's auto sales rose 7.9 percent in May from a year earlier as purchases of electric and gasoline-electric hybrid vehicles more than doubled to 102,000, an industry group reported Tuesday.

Sales of SUVs, sedans and minivans rose to 1.9 million, according to the China Association of Automobile Manufacturers. Total vehicle sales, including trucks and buses, rose 9.6 percent to 2.3 million.

Sales - Percent - Growth - Percent

Year-to-date sales rose 5.1 percent to 9.9 million, rebounding from 2017's annual growth of just 1.4 percent.

Sales of electric and gasoline-electric hybrids rose 126 percent over a year earlier. Through May, sales of electrics and hybrids rose 142 percent to 328,000.

Beijing - China - World - Car - Market

Beijing has spent heavily to transform China into the world's biggest electric car market and is preparing to enforce sales quotas to press global automakers to speed up development.

The Finance Ministry says auto import duties will be reduced from 25 percent to 15 percent on most vehicles, effective July 1. That followed pledges to buy more U.S. goods and end restrictions on foreign ownership in the industry.

Ford - Motor - Co - Cut

Ford Motor Co. responded by announcing a cut...
(Excerpt) Read more at: phys.org
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